Saudi Arabia Floor Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Saudi Arabia Floor Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Saudi Arabia Floor Coatings Market was valued at USD 340 million at the end of the year, and it is projected to register a CAGR of 4.5% during the forecast period. The COVID-19 pandemic negatively affected the market due to a halt in construction activities around the country. However, post-COVID-19, the country resumed residential and commercial construction activities which will help to revive the market in the coming years.

• In the short term, rising residential and commercial construction activities in Saudi Arabia will likely drive the market.
• On the flip side, the harmful environmental impact of conventional floor coatings may hinder the growth of the market.
• The demand for floor coatings from the industrial sector dominated the market studied, and it is expected to grow during the forecast period due to the increasing demand from the chemical industry.
• The promising performance of polyaspartic coatings is likely to act as an opportunity in the future.

• Saudi Arabia is the largest market for floor coatings in the Middle East and Africa. The implementation of residential and non-residential construction projects is expected to drive the market for floor coatings in the country.
• Saudi Arabia is launching many residential and commercial projects, which are expected to increase the demand for floor coatings in the country. Some of these projects include a USD 500 billion futuristic mega-city 'Neom' project, the Red Sea Project – Phase 1, which is due to be completed in 2022 and includes 14 luxury and hyper-luxury hotels that may comprise 3,000 rooms, all across five islands and two inland resorts, QiddiyaEntertainment City, Amaala – the uber-luxury wellness tourism destination, Jean Nouvel's Sharaanresort in Al-Ula, Ministry of Housing's Sakanihomes, and Jeddah Tower.
• Under Saudi Vision 2030, the country started the construction of the Jeddah Tower, which is expected to become the world's tallest tower post-completion. It will stand at an estimated height of one kilometer. With more than 250 floors, Jeddah Tower will be a mix of residential units, serviced apartments, and hotels, with Four Seasons expected to open within.
• In 2022, the National Housing Company made an agreement for an investment of USD 10 billion with the Ministry of Municipal, Rural Affairs and Housing to develop infrastructure across multiple cities. The agreement aims to provide more than 150,000 housing units of varying sizes and designs, covering 11 cities across Saudi Arabia, on an area of more than 90 million square metres.
• The Saudi Arabia government started a major Makkah development construction project with an investment of USD 4.4 billion. The project involves the construction of towering hotels and residential buildings, with a capacity to host up to 36,000 guests annually.

• The industrial segment is dominating the overall floor coatings market. The core sectors, such as chemical, automotive, manufacturing, and other industries, such as food and beverages and electrical and electronics, are major floor coatings consumers.
• Among all the core sectors, the chemical industry is a major end-user of floor coatings. High-performance flooring is essential for research and development labs, production plants, and other industrial facilities to protect the appearance of floors and walls against chemical stains.
• In the industry, chemical resistance flooring, strict hygiene, and safety protocols play vital roles in avoiding the risks related to damage, accidents, and workers' health.
• In the food and beverage industry, the risk of microbial growth due to spillage is high. Consequently, these contaminants degrade processed food’s purity. To avoid such problems, the industry requires durable and thick floor coatings to provide a protective barrier, which can help prevent contaminants from entering the concrete substrate and ensures a hygienic surface.
• In the automotive manfacturing industry floor coatings are used to provide strength to the floor material, slip resistance, and aesthetic appeal to the floor, and to separate different zones of operations in the production plants.
• In 2021, Lucid Group announced the signing of agreements with the Ministry of Investment of Saudi Arabia for the construction of an electric vehicle manufacturing plant with an investment of USD 3.4 billion. This will drive the market for floor coatings in the country.

The Saudi Arabia floor coatings market is partially consolidated. The major players in the market (not in any particular order) include Akzo Nobel N.V., Jotun, Jazeera Paints, Kansai Paint Co., Ltd., and National Paints Factories Co. Ltd.

• The market estimate (ME) sheet in Excel format
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